“Government initiatives in R&D of hydrogen infrastructure and fuel cell cost reduction are likely to propel the automotive fuel cell market”
The autmotive fuel cell market is estimated to be 13.6 thousand units in 2020 and projected to grow at a CAGR of 69.7% during the forecast period (2020–2028), to reach 932.6 thousand units by 2028. Due to the changing global climate and increasing global warming, governments are taking initiatives to create clean energy sources. Governments are increasingly investing in alternative sources of energy such as fuel cells. As fuel cells emit no greenhouse gases (GHG) and pollutants, they can impact the environment positively. Thus, governments are taking initiatives, making investments, and promoting the use of fuel cells. Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation. Therefore, governments are increasingly investing in the development of required hydrogen infrastructure, providing an opportunity for the automotive fuel cell market to grow in the future.
“The >250 KW is projected to be the fastest growing segment of the automoitve fuel cell market, by power output, in terms of volume, during the forecast period”
Typical fuel cell heavy-duty buses and trucks need a fuel cell with more than 250 kW power output. Fuel cell buses are considered to be the most suitable mode of transportation for the introduction of fuel cell technology in automotive applications. For transportation within a limited area, less investment is needed in building the required hydrogen infrastructure. Several governments across the globe are taking initiatives for developing public and private fuel cell vehicle transport. Various investments have been made in the development and production of fuel cell buses. The adoption of fuel cell technology in the truck segment is still in the development stage. However, owing to the advantages of high efficiency and low cost of transportation for longer distance, the fuel cell truck market is projected to grow at a significant growth rate. Therefore, the automotive fuel cell market for >250 kW is estimated to be the fastest.
“The truck segment is the second fastest growing segment of the automoitve fuel cell market”
Currently, there are few fuel cell truck models available in the automotive market. However, the rapid development of fuel cell technology will boost the fuel cell truck market. Fuel cell vehicles are more efficient and cost-effective for long-range transportation. Hence, using fuel cell trucks for goods carriage will result in better emission control and cost-effectiveness. Moreover, FCEVs are more cost-effective than other electric vehicles for long range transportation. Nikola is expected to launch its fuel cell truck model by 2021. The company announced that the truck would have the highest driving range and a fuel stack with the largest power output as compared to models available in the current market. Anheuser-Busch, a brewery company in the US, ordered 800 fuel cell trucks from Nikola in 2018, and the order will start delivering as soon as the product is available in the market.
“Europe is projected to have the highest growth rate in the automotive fuel cell market”
The EU2020 focuses on increasing the demand for fuel cells by improving the infrastructure and decreasing the cost of fuel cells. Even though European companies lag behind their Asian counterparts in fuel cell technology development and patents, Europe is slowly shifting its focus on renewable sources of energy. Germany represents around 75% of all European demonstration activities due to the presence of a number of small and large companies such as Siemens Westinghouse, Proton Power Systems PLC, Heliocentris, and SFC Energy. As governments are shifting their fleet of buses from ICE vehicles to zero-emission vehicles, it would create massive opportunities for growth of the fuel cell bus segment in the region. Besides buses, countries like Norway and Switzerland will be key markets for fuel cell trucks.
The study contains insights provided by various industry experts, ranging from equipment suppliers to Tier I companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier-1–45%, Tier-2–23%, and OEM–32%
- By Designation: C?level Executives –60%, Directors–23%, Others–17%
- By Region: North America–30%, Europe–38%, Asia Pacific–32%
The report provides detailed profiles of the following companies
- Ballard Power Systems (Canada)
- Hydrogenics (Canada)
- ITM Power (UK)
- Plug Power (US)
- Ceres Power (UK)
- Nedstack (Netherlands)
- Nuvera Fuel Cells (US)
- Doosan Corporation (Japan)
- Delphi Technologies (UK)
- Proton power system PLC (UK)
Automotive fuel cell market has been segmented by component (fuel processor, fuel stack, air compressors, humidifiers and power conditioner), power output (<150 kW, 150–250 kW, and >200 kW), hydrogen fuel station (Asia Oceania, Europe, and North America), vehicle type (passenger car, light commercial vehicle, bus, and truck), specialized vehicle type (material handling vehicle and auxiliary power units for refrigerated truck), and region (Asia Oceania, Europe, and North America). The market has been projected in terms of volume (units), and the market by component type is projected in terms of value (USD million).
Reasons To Buy the Report:
The report provides insights into the following points:
- Market Penetration: The report provides comprehensive information on the automoitve fuel cell market and the top players in the industry.
- Regulatory Framework: The report offers detailed insights into norms leading to the application of automotive fuel cells and the effect of the regulations on the market.
- Market Development: The report provides comprehensive information on various technologies of automotive fuel cells. The report analyzes the markets for various automooitve fuel cell technologies across different countries.
- Market Diversification: The report provides exhaustive information on emerging technologies, recent developments, and investments in the global automoitve fuel cell market.
- Competitive Assessment: The report offers an in-depth assessment of strategies, services, and manufacturing capabilities of leading players in the global automotive fuel cell market.